KNOT Offshore Partners LP Announces Completion of the Acquisition of Lena Knutsen
September 29 2017 - 7:59AM
Business Wire
KNOT Offshore Partners LP (the “Partnership”) (NYSE:KNOP)
announced today that it has completed its acquisition of the
ownership interests in the company that owns and operates the
shuttle tanker Lena Knutsen (KNOT Shuttle Tankers 26 AS “KNOT
26”) for an aggregate purchase price of $142.0 million less
$133.8 million of outstanding indebtedness plus approximately $24.1
million for a receivable owed by Knutsen NYK to KNOT 26 (the
“Receivable”) and approximately $1.0 million for certain
capitalized fees related to the financing of the Lena Knutsen. On
the closing of the acquisition, KNOT 26 repaid approximately $41.9
million of the indebtedness, leaving an aggregate of approximately
$91.9 million of debt outstanding under the secured credit facility
related to the vessel. The purchase price was settled in cash and
will be subject to certain post-closing adjustments for working
capital and interest rate swaps. On the closing of the acquisition,
Knutsen NYK repaid the Receivable in full.
The Lena Knutsen is an 156,559-deadweight ton shuttle
tanker, built by Hyundai Heavy Industries
in Korea and delivered in June 2017. The vessel is
operating in the Brazil under a five-year time charter with a
subsidiary of Royal Dutch Shell plc, which will expire in the
expire third quarter of 2022. The charterer has options to extend
the charter for two five-year periods.
Including the Lena Knutsen, the Partnership now has a fleet
of fourteen vessels with an average age of 4.5 years and a fixed
average employment of 4.4 years.
About KNOT Offshore Partners LP
The Partnership owns, operates and acquires shuttle tankers
under long-term charters in the deep-water offshore oil production
regions of the North Sea and Brazil. The Partnership is
structured as a master limited partnership. The Partnership’s
common units trade on the New York Stock Exchange under
the symbol “KNOP.”
Source: KNOT Offshore Partners LP
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version on businesswire.com: http://www.businesswire.com/news/home/20170929005328/en/
KNOT Offshore Partners LPJohn Costain, 44 749 6170 620Chief
Executive Officer and Chief Financial Officer
KNOT Offshore Partners (NYSE:KNOP)
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